Malaysian political scandal delaying uFun Club investigation?
At the time of publication, some four complaints against uFun Club have been registered in Malaysia.
Authorities are reported to be investigating the complaints, but by and large there’s a noticeable lack of inaction from Malaysian regulators.
At present several key members of uFun Club are believed to be hiding out in Malaysia. uFun Club is also on a Central Bank of Malaysia blacklist, yet independent regulatory action against the scheme is nowhere to be found.
Instead we have Malaysian regulators sitting around doing nothing, while they bleat on about how Thailand hasn’t made any official request for an investigation yet.
uFun Club’s ringleaders in the meantime remain at large, with their actions and movements presumably not being monitored.
With a global $1.17 billion dollar Ponzi scheme operating right under their noses, yesterday saw me ask the question: How on Earth is this possible?
Now, it’s revealed that the answer may lie in Malaysian politics.
Interviewing a former staffer at The Star Online, a prominent Malaysian media outlet, a panelist on the Thai TV show Now 26 posed the following question:
We’re getting some reports suggesting that some influential politician (is) backing up the uFun Malaysia. Is that correct?
Here’s the answer he was given:
Yeah the family members of a certain politician was involved as an Executive Chairman in one of the sister companies of uFun.
Well, that’d certainly explain a lot.
Who this politician is I have no idea, as no names were mentioned on the Now 26 show.
What’s the bet though this jackass’ family are pulling strings within the police force and trying to play this whole thing down?
As a followup question, the host of the Now 26 show asks,
So is that going to be a challenge though, for the process? Y’know… being politically correct here, is that going to be a challenge?
Or do you think, from your experience, from past cases, similar ones, how do you think this is going to play out?
To which the former The Star Online staffer replied;
It’s a very sensitive issue.
(excruciatingly awkward pause)
Well we hope that um, the police will take the appropriate actions.
Riiiiiiiiiiiiiiight. Because that’s clearly what’s been happening so far.
Seriously, if anyone’s got any other explanations as to how a $1.17 billion dollar Ponzi scheme receives a complete lack of attention from the company its fugitive management have fled to, I’m all ears.
And Malaysia, influential politician or not, you need to get your shit together.
Step one would be acknowledging Thai authorities reaching out to you and pulling your thumbs out of your asses.
There’s a crap-ton of money at stake here, and every day uFun Club’s management are permitted to run amok the paper trail on the hundreds of millions invested grows colder.